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"A few years ago, the Knight Capital Group lost US0 million (€370 million) and nearly went bankrupt over a period of 30 minutes just due to a programming error." Gnu — as in new It's too early to say how big TSB's losses will be, although its chief executive Paul Pester will "forfeit" a bonus of £2 million (€2.2 million, .7 million).
Perhaps some of that money could go into training young programmers with COBOL, FORTRAN and other forgotten computer skills, because these issues are likely to keep on arising.
We now want, or have been told to expect, secure mobile internet banking, with all the complexity and automation that it demands.
As for laughs, you just fondle the phone in your pocket with a giggly grin.
I registered an account ages ago and setup google auth when Linode didn't require a CC to complete setup.
"A slight incompatibility cascades into something catastrophic, and, I would suggest, that maybe nobody existed to be able to look at the code, or even understand the code, because it was compiled [Ed.: source code is compiled or "interpreted" before it is executed], to know what might possibly go wrong — other than to code it with your fingers crossed," says Moores. COBOL (common business-oriented language) was developed in 1959, and as we've seen it's still in use, worldwide. She developed the first English-like computer language called FLOW-MATIC, and later had a hand in COBOL and FORTRAN, too.
But when it comes to banks, the problems were built into the system 60 years ago — albeit unwittingly — when computer languages like COBOL and FORTRAN first reared their sturdy heads.
"When these large scale financial systems were developed, they were developed on mini and mainframe [computer] systems," says Simon Moores, a former UK "IT ambassador" and managing director at Zentelligence Research.
And his experience seems to jar with the "dark code" theory put forward by people like Simon Moores and others.
"The first bank I worked at," says Moseley, "people were literally using hand-written notes scratched in machine code to maintain systems.
So I have seen the criticism of COBOL, but they haven't seen anything.